Hotel Forest Inn Limited Opens IPO for Foreign Nepalese Immigrants From Today

Hotel Forest Inn Limited has opened the issuance of its Initial Public Offering (IPO) from today, 4th Magh, 2082, offering 4,00,000 units of shares to Nepalese citizens working abroad.

The IPO for Nepalese citizens working abroad opened from today, i.e., from 4th Magh to 8th Magh 2082, and may be extended until 18th Magh 2082 in case of undersubscription.

The issued capital of the company is Rs. 2 Arba. Of this, 20%, i.e., 40 Lakh unit shares, will be issued to the public. Of this general public issue, 10% of 40,00,000, a total of 4,00,000 unit shares, have been set aside for Nepalese citizens working abroad, and the issue opened from today.

For Nepalese citizens working abroad, the minimum application quantity to be applied is 10 units, while the maximum quantity is 2,00,000 units.

NIC Asia Capital Limited has been appointed the issue manager for the public offering.

CARE Ratings Nepal Limited (CRNL) has assigned the rating of ‘CARE-NP BB-’ to the long-term bank facilities of Hotel Forest Inn Private Limited.

Hotel Forest Inn Private Limited was incorporated on November 22, 2010, and is constructing a hotel in Budhanilkantha, Kathmandu, which spans 142,783 sq ft of land. The hotel will feature a total of 102 room keys and is proposed to be categorized as a 5-star hotel property. The hotel is expected to start operation in October 2023. The hotel has entered into a ‘License Agreement’ with InterContinental Hotels Group (IHG) for the international hotel brand ‘Holiday Inn,’ an American-based mid-scale hotel chain.